2718 Cleveland St · Dallas, TX 75215

$995,000

None bd · None ba · 4,080 sqft · MultiFamily public records · 135 Days on market

Built 1961 0.29 ac lot $244/sqft · at area comps Est $1877k · 47% under

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +5.4/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

2718 Cleveland is an 8-unit value-add multifamily opportunity located in The Cedars, a rapidly transforming neighborhood just south of Downtown Dallas and Deep Ellum. The property benefits from immediate access to major employment centers, entertainment districts, and ongoing neighborhood reinvestment. The asset features rare, oversized unit layouts comprised of four (4) 4-bedroom units and four (4) 3-bedroom units, positioning the property to serve strong family and roommate demand within an infill urban submarket. The investment offers a clear value-add business plan, including interior renovations to drive rent growth, property tax appeals to reduce expenses, and the opportunity to shift electricity to tenant responsibility, aligning operating costs with market standards and increasing NOI. With its irreplaceable Cedars location, unique unit mix, and multiple paths to income growth, 2718 Cleveland presents an attractive opportunity for investors seeking durable cash flow with meaningful upside in a high-growth Dallas submarket.

Key facts

• Interior renovations
• Unique unit mix
• 0.29 acre lot

Tags

• MULTIFAMILY OPPORTUNITY
• OVERSIZED UNIT LAYOUTS
• INTERIOR RENOVATIONS
• UNIQUE UNIT MIX

🏷️ Possibly a rental listed for sale. The $995,000 price doesn't fit this home's estimated sale value (~$1,876,868) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4×4bd/2ba + 4×3bd/2ba units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $10k ($123k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $995k).
• Recommended offer: $876k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.7% vs local median 2.3% in Dallas — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#24 in TX, #1,380 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F.
• Dallas ISD (urban): math 31% / reading 36% proficiency, ranked #559 of 826 in TX (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.2%/yr); 248 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 12,577 units permitted in Dallas County in 2024 (6,829 in 5+ unit buildings).
• At $22,292/mo this rent would consume 587% of the median local household income ($46k/yr) (locally 1464% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $15k of equity ($7k loan paydown + $8k appreciation (0.8% local appreciation)).
• Dallas County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.8% appreciation + 7.2% rent growth), your $279k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$70k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($876k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→24/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $875,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.24% ✓
• Cap rate: 18.67%
• Cash-on-cash: 44.20%
• DSCR: 2.97
• GRM: 3.7

CMA / ARV

• ARV (median comp): $1,876,868
• List price: $995,000
• Delta: -46.99%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1811 Browder St	0.60mi	3/4.5	3,777 (-7%)	21mo	$883,000	$234	42
3521/3523 S Harwood St	0.66mi	6/5.0	3,500 (-14%)	9mo	$635,000	$181	38
3522/3524 Parnell St	0.57mi	6/5.0	3,500 (-14%)	16mo	$729,000	$208	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.79% appreciation · 7.19% rent growth · sell at horizon

5-year hold

• IRR: 50.7%
• Equity multiple: 3.73×
• Total profit: $760,532
• Equity at exit: $328,805

10-year hold

• IRR: 54.4%
• Equity multiple: 8.61×
• Total profit: $2,118,983
• Equity at exit: $428,666

Cash invested: $278,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 75215

• Home prices YoY: 0.3%
• Rents YoY: 7.2%
• Active inventory: 248
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $22,292 medium
• Mortgage (P&I): −$5,218
• Tax from tax record: −$1,716 /mo · $20,597/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,681
• Net cashflow: $10,262

Break-even live

Break-even rent $9,302

Max offer price $995,000

Occupancy floor 49%

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	4	2	$13,384
▸ 4× units	3	2	$8,908
Total (8 units)			$22,292

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2934 S Hall St Unit 401 Dallas, TX	3.0	4.5	5275	$12,500	$2.37	43d	1	1.34mi

Listing history 17 events

1. 2026-06-18
   days on market $995,000 Active 135 DOM
2. 2026-06-17
   days on market $995,000 Active 134 DOM
3. 2026-06-16
   days on market $995,000 Active 133 DOM
4. 2026-06-15
   days on market $995,000 Active 132 DOM
5. 2026-06-13
   days on market $995,000 Active 130 DOM
6. 2026-06-09
   days on market $995,000 Active 126 DOM
7. 2026-06-08
   days on market $995,000 Active 125 DOM
8. 2026-06-07
   days on market $995,000 Active 124 DOM
9. 2026-06-04
   days on market $995,000 Active 121 DOM
10. 2026-06-03
    days on market $995,000 Active 120 DOM
11. 2026-06-02
    days on market $995,000 Active 119 DOM
12. 2026-06-02
    days on market $995,000 Active 118 DOM
13. 2026-05-31
    days on market $995,000 Active 117 DOM
14. 2026-02-03
    listed $995,000 Active 1055-char remark

    Show marketing remark (1055 chars)

    2718 Cleveland is an 8-unit value-add multifamily opportunity located in The Cedars, a rapidly transforming neighborhood just south of Downtown Dallas and Deep Ellum. The property benefits from immediate access to major employment centers, entertainment districts, and ongoing neighborhood reinvestment. The asset features rare, oversized unit layouts comprised of four (4) 4-bedroom units and four (4) 3-bedroom units, positioning the property to serve strong family and roommate demand within an infill urban submarket. The investment offers a clear value-add business plan, including interior renovations to drive rent growth, property tax appeals to reduce expenses, and the opportunity to shift electricity to tenant responsibility, aligning operating costs with market standards and increasing NOI. With its irreplaceable Cedars location, unique unit mix, and multiple paths to income growth, 2718 Cleveland presents an attractive opportunity for investors seeking durable cash flow with meaningful upside in a high-growth Dallas submarket.

15. 2017-02-01
    soldstatus
16. 2015-01-12
    soldstatus
17. 2008-04-11
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $20,597 · $1,716/mo
• Projected year-2 tax: $20,597 · $1,716/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 24 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $267,504
• − Mortgage interest: −$55,735
• − Property taxes: −$20,597
• − Insurance: −$4,975
• − Repairs & maintenance: −$21,400
• − Management: −$21,400
• − Depreciation: −$28,945
• Taxable income: $114,450
• Est. tax owed @ 24.0%: −$27,468
• After-tax cash flow: $95,673/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Dallas ISD
• NCES district ID: 4816230
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 36% ▼ -4.00%
• Median HH income: $42,881
• Composite: 28.41/100
• National rank: #6763
• State rank: #559 of 826 in TX

Livability — Dallas

• Score: 81/100
• State rank: #24
• US rank: #1380

Category grades

Amenities A+ Commute A+ Cost of living A- Crime F Employment C+ Housing A+ Health & safety A User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, TX
• County: Dallas County · 2,612,404 people
• City population: 1,168,437
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 18,895
• Household income: $45,557
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1464.0

Population outlook (Dallas County) Hauer SSP2

• Today (2025): 2,979,839 people
• By 2030: 3,191,823 · +7.1%
• By 2040: 3,619,611 · +21.5%
• By 2050: 4,026,915 · +35.1%
• By 2075: 4,957,073 · +66.4%
• By 2100: 5,508,725 · +84.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Black 59% Hispanic / Latino 25% White 11% Two or more races 10%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Italian 1% Hispanic 1%
• Foreign-born: 16% · Canada
• Languages at home: 74% English-only · Spanish 26%

Political lean MEDSL · Dallas

• 2024 margin: Strong D (+22.2) · D 60.2% · R 38.0% · Other 1.8%
• 2008→2024 swing: +6.9pp toward D · 2008: 15.3pp · 2024: 22.2pp
• All cycles: 2024: D+22.2 2020: D+31.6 2016: D+26.2 2012: D+15.4 2008: D+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.79%
• Current HPI: 224.2955
• Rent YoY: ▲ 7.19%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

4 events — show timeline

• 2026-02-03 Listed $995,000 NTREIS
• 2017-02-01 Sold (Public Records) — Public Records
• 2015-01-12 Sold (Public Records) — Public Records
• 2008-04-11 Sold (Public Records) — Public Records

Property tax history

+11.9%/yr

Latest (2025): $20,597 · +5.3% YoY. Source: county tax records.